Common use of PROGRAMME ELECTIONS Clause in Contracts

PROGRAMME ELECTIONS. The deferral period over which salary is deferred and accumulated, the amount thereof and the period in which leave is granted and repayment of such deferred salary and interest occurs shall be one of the following programmes: two (2) years deferral of up to one third (1/3) of annual salary in each year followed by one (1) year of leave; three (3) years deferral of up to one quarter (1/4) of annual salary in each year followed by one (1) year of leave;

PROGRAMME ELECTIONS. The deferral period over which salary is deferred and accumulated, the amount thereof and the period in which leave is granted and repayment of such deferred salary and interest occurs shall be one of the following programmes: two (2) years deferral of up to one third (1/3) of annual salary in each year followed by one (1) year of leave; three (3) years deferral of up to one quarter (1/4) of annual salary in each year followed by one (1) year of leave;